Labour refuses to back holding a second Brexit referendum if they are in power June 19, 2019 Labour would push for second Brexit referendum on “any deal” agreed with the EU, Jeremy Corbyn has announced – but it is not clear if that only applies to an agreement negotiated by the Conservatives. In a statement on Wednesday afternoon, the Labour leader called for a public vote – saying the ballot paper should [...]
City travel startup Duffel bags $21.5m round from Benchmark June 19, 2019 Travel booking software startup Duffel today closed a $21.5m (£17.1m) in a series A funding round led by Snap and Uber-backer Benchmark. Blossom Capital also participated, as well as existing investor Index Ventures. The startup has raised $26.2m to date. “The travel industry is underpinned by archaic software and processes that are fundamentally prohibitive for [...]
Coast Capital nominee for First board turns down role June 19, 2019 An activist investor in transport giant First Group has stumbled in its attempt to force out six of the firm’s directors after one of its nominees did not agree to stand for a board position. US investor Coast Capital, which holds a near 10 per cent stake in First, has called a radical shakeup of [...]
Capco investment boss to quit as Earl’s Court de-merger speculation mounts June 19, 2019 The investment chief at Capital & Counties (Capco) revealed plans to step down this morning, sparking fresh speculation over the future of the property giant’s struggling Earl’s Court development. Managing director and chief investment officer Gary Yardley is leaving the company at the end of this month, as the firm prepares for a potential split [...]
Nissan and Renault workers left with ‘nothing to do’ after Ghosn arrest June 19, 2019 Employees at Nissan and Renault’s joint ventures are without work as the alliance struggles after Carlos Ghosn’s arrest. The disgraced former chief executive and chairman left after Japanese prosecutors charged him with under-reporting his salary. Read more: Nissan forecasts worst earnings in 11 years amid Carlos Ghosn saga Departments overseeing some of the carmakers’ joint [...]
Lloyds Bank boss defends pay and pension perks as MPs accuse him of greed June 19, 2019 Lloyds Bank boss Antonio Horta-Osorio has defended his pay packet and pension perks in a grilling by MPs. Horta-Osorio, who as Britain’s best-paid boss took home £6.3m last year, insisted his pay packet was in line with the market rate for major bank chief executives. Remuneration committee chairman Stuart Sinclair told MPs the bank’s boss [...]
Acacia takes aim at biggest shareholder Barrick June 19, 2019 Acacia Mining hit out at its main shareholder Barrick Gold this morning, as a takeover offer from Barrick looms. The London and Tanzania-based miner said it “strongly disagrees” with a “number” of statements made by Barrick last night. Read more: Acacia shareholder Odey will vote against Barrick bid if it stays unchanged The firm was [...]
Hong Kong’s richest man Li Ka-shing to pay tuition fees for class of Chinese students June 19, 2019 Hong Kong’s richest man Li Ka-shing has promised to pay tuition fees for a class of Chinese university students. His charitable foundation will fund Shantou University’s 2019 incoming class for up to five years. Li’s pledge will cost 100m Chinese yuan (£11.5m) a year. The 90-year old is worth $30.04bn (£23.8bn) according to Forbes. The [...]
London property market drags down UK house prices June 19, 2019 UK house prices were dragged down by subdued demand in London last month, as buyer caution continued to linger in the capital during April. London witnessed the lowest annual growth out of any region, with prices falling by 1.2 per cent over the year to April 2019, up from a fall of 2.5 per cent [...]
Blackstone boss donates £150m to Oxford University for AI research June 19, 2019 Blackstone chief executive Stephen Schwarzman has donated £150m to the University of Oxford for the creation of a department to study the ethics of artificial intelligence. The gift is the largest single donation to the university since the Renaissance. Read more: Small businesses to be given artificial intelligence boost The Stephan A. Schwarzman Centre for [...]